30 December 2009

ICE Futures U.S. Sugar No.11 Contract

Settlement (cUS$/lb)

Open

High

Low

Last

Volume *

O/I

Life High

Life Low

Mar'10

26.96

0.19

26.77

27.40

26.55

26.92

23,570

335,849

27.49

11.91

May'10

25.06

0.08

24.99

25.40

24.80

25.00

15,024

143,256

25.50

11.90

Jul'10

22.87

0.11

22.67

23.08

22.65

22.71

9,154

133,898

23.09

11.89

Oct'10

21.69

0.06

21.62

21.81

21.43

21.45

4,285

96,618

21.85

11.79

Mar'11

20.89

0.05

20.90

20.99

20.57

20.57

1,815

52,040

21.05

11.90

May'11

19.27

0.08

19.19

19.30

19.03

19.03

568

14,089

19.82

11.84

Jul'11

17.99

0.05

18.00

18.02

17.91

18.02

212

17,895

18.91

11.82

Oct'11

17.62

0.07

17.66

17.71

17.52

17.52

140

15,606

18.50

12.27

17.05

17.10

16.85

16.85

Mar'12

17.06

0.06

49

13,318

17.85

13.67

May'12

16.51

0.09

3,412

17.12

14.25

Jul'12

16.22

0.08

4,221

16.81

14.41

Oct'12

16.12

0.03

2,350

16.73

14.31

54,819

Total

832,703
* Volume includes exchange for physicals.

Technical Indicators (March'10)

Moving
Average

10 days =

26.54

20 days =

24.91

Bollinger Bands

RSI

ICE U.S. Sugar No.11 - Spreads

9 days =

68.97

Mar'10/ May'10

1.90

Oct'10/ Mar'11

0.80

14 days =

67.45

Mar'10/ Jul'10

4.09

Oct'10/ May'11

2.42

Upper

Mid

Lower

Mar'10/ Oct'10

5.27

Mar'11/ May'11

1.62

28.54

24.91

21.28

Mar'10/ Mar'11

6.07

Mar'11/ Jul'11

2.90

May'10/ Jul'10

2.19

May'11/ Jul'11

1.28

May'10/ Oct'10

3.37

May'11/ Oct'11

1.65

CFTC - ICE U.S. (Futures and Options position)

Funds/Specs net position as of 15/Dec (last official)

165,177

Jul'10/ Oct'10

1.18

Jul'11/ Oct'11

0.37

Index Funds net position as of 15/Dec (last official)

191,535

Jul'10/ Mar'11

1.98

Jul'11/ Mar'12

0.93

Settlement (US$/mt)

Euronext.liffe White Sugar Futures Contract

Open
High
Low
Volume

Open Interest

Life High

Life Low

Mar'10

705.00

4.80

698.40

708.00

693.20

1,504

36,980

49%

708.00

339.50

May'10

685.90

4.40

680.50

688.80

675.90

891

20,405

27%

688.80

338.30

Aug'10

629.10

4.10

626.70

631.80

624.80

331

11,891

16%

632.00

322.80

Oct'10

578.00

3.90

577.00

581.00

576.00

41

5,145

7%

589.90

378.00

Dec'10

547.00

2.80

547.00

550.10

547.00

26

852

1%

558.70

390.00

Mar'11

529.60

(2.50)

533.90

533.90

533.90

10

281

0%

545.00

462.70

May'11

519.60

(2.50)

40

0%

529.00

472.00

Aug'11

483.40

(2.50)

0%

499.90

448.40

Total*

2,803

75,594
* Volume includes exchange for physicals.

Euronext.liffe White Sugar - Spreads

White Sugar Premium

Mar'10 / May'10

19.10

May'10 / Aug'10

56.80

Mar'10 / Mar'10

102.50

Dec'10 / Oct'10

66.75

Mar'10 / Aug'10

75.90

May'10 / Oct'10

107.90

May'10 / May'10

126.00

Dec'10 / Mar'11

84.00

Mar'10 / Oct'10

127.00

Aug'10 / Oct'10

51.10

Aug'10 / Jul'10

121.50

Mar'11 / Mar'11

72.00

Mar'10 / Dec'10

158.00

Aug'10 / Dec'10

82.10

Oct'10 / Oct'10

96.50

May'11 / May'11

99.00

*Values calculated basis 17:30 P.M BST

Commodities
Settlement

Contract
Crude Oil

Contract

Currency / Freight
Settlement

Comparative Prices
Brazil Value (cUSD/lb)

79.27

0.51%

USD Index

77.93

0.11%

Brazil Domest. Sugar***

28.80

RBOB Gas (US$/gal)

203.90

1.41%

Real/USD

1.7420

0.02%

Brazil Anhydrous***

21.47

Corn ($/bu)

413.75

-0.78%

USD/Euro

1.4334

-0.14%

Brazil Hydrous***

20.05

283.63

-0.04%

USD/GBP

1.6069

1.04%

Russian Imp. Parity/mt

-90.19

1.8970

0.00%

Rupee/USD

46.7600

0.19%

27.61

0.29%

BSI FF

2,224.00

-1.77%

(US$/bbl)

(US$/gal)

CRB index
Ethanol CBT(US$/gal)
No.11 Spot

(cUS$/lb)

*** The Brazilian prices are calculated based on Esalq from the previous day

30 December 2009

Overview
Raw Commentary
ICE Sugar No.11 March'10 - 5 min chart

A rather choppy first part of the session saw the March 10 fell 30
points on the open down to the 26.60c area. Despite minimal
buying here further spec selling led to a push down to a low at
26.55c. However following this low though a fairly small buying
effort saw a small run back up to 27.00c with a further nudge to
27.30c where the spot month encountered slight resistance.
This resistance though did not hold and later into the session the
March 10 broke the previous highs with a short lived rally to
27.55c. As with much of the session s performance though this
was not sustained and on the close the March 10 traded back
down to just below the 27.00c area with a settlement near to
here. The March / May closed firmly near to a premium of 192
points.
ICE Sugar No.11 March'10 - daily chart

White Commentary
A similarly erratic session for the whites market.. Early activity
remained fairly range-bound with values in the March 10 trading
in the $695.00-$697.00 area until a small spur of buying,
mirroring the No.11 break up, led to a push through the $700.00
mark with a further high at $708.00.
However despite this push the March 10 failed to break higher
resulting in a settlement in the $705.00 area. The March / May
spread closed up on early values at $19.00.

Copper Commentary

Euronext. LIFFE No.5 March'10 - daily chart

Copper prices reached a fresh 15-month high at $7,305 a tonne

as strikes threatened production in Chile. Workers have voted to
strike at the Chuquicamata mine in Chile, owned by Codelco,
which was expected to produce 565,000 tonnes of copper this
year.

Copper March'10 - daily chart

30 December 2009

ICE Futures U.S. Sugar No.11 Options Contracts

Expiry

Mar'10

May'10

Jul'10

Oct'10

Mar'11

May'11

Call/Put

Call

Put

Call

Put

Call

Put

Call

Put

Call

Put

Call

Put

15.00

11.97

0.01

10.08

0.07

8.01

0.19

6.92

0.30

6.30

0.51

5.00

0.81

15.50

11.47

0.01

9.60

0.08

7.55

0.23

6.49

0.37

5.92

0.62

4.66

0.96

16.00

10.97

0.01

9.12

0.10

7.10

0.28

6.08

0.45

5.54

0.74

4.35

1.14

16.50

10.47

0.01

8.65

0.13

6.66

0.34

5.68

0.54

5.19

0.87

4.06

1.34

17.00

9.97

0.02

8.18

0.16

6.24

0.41

5.29

0.65

4.85

1.03

3.79

1.56

17.50

9.47

0.02

7.72

0.19

5.82

0.49

4.92

0.77

4.53

1.20

3.54

1.80

18.00

8.97

0.03

7.27

0.24

5.42

0.59

4.56

0.91

4.23

1.39

3.30

2.06

18.50

8.49

0.05

6.83

0.29

5.04

0.70

4.23

1.07

3.96

1.61

3.09

2.34

19.00

8.00

0.06

6.39

0.36

4.69

0.84

3.91

1.25

3.72

1.86

2.89

2.63

19.50

7.52

0.07

5.97

0.44

4.36

1.01

3.62

1.45

3.50

2.13

2.71

2.93

20.00

7.03

0.09

5.57

0.53

4.04

1.19

3.34

1.67

3.30

2.42

2.54

3.25

20.50

6.56

0.11

5.17

0.63

3.75

1.40

3.12

1.94

3.11

2.73

2.38

3.58

21.00

6.09

0.15

4.79

0.75

3.48

1.63

2.93

2.24

2.93

3.04

2.23

3.92

21.50

5.64

0.19

4.44

0.89

3.23

1.87

2.74

2.55

2.76

3.36

2.08

4.26

22.00

5.19

0.24

4.11

1.06

3.00

2.14

2.56

2.86

2.60

3.69

1.93

4.61

22.50

4.76

0.31

3.80

1.25

2.79

2.42

2.39

3.19

2.45

4.03

1.80

4.97

23.00

4.35

0.39

3.52

1.47

2.59

2.72

2.23

3.53

2.31

4.39

1.69

5.35

23.50

3.95

0.50

3.26

1.71

2.41

3.04

2.08

3.87

2.18

4.75

1.60

5.75

24.00

3.58

0.63

3.02

1.97

2.25

3.37

1.95

4.24

2.06

5.12

1.51

6.15

24.50

3.24

0.79

2.80

2.24

2.11

3.72

1.83

4.61

1.95

5.50

1.44

6.57

25.00

2.93

0.97

2.59

2.53

1.97

4.08

1.72

4.99

1.85

5.89

1.37

6.99

25.50

2.64

1.18

2.39

2.83

1.84

4.45

1.62

5.39

1.75

6.29

1.29

7.41

26.00

2.37

1.42

2.22

3.15

1.72

4.83

1.53

5.79

1.66

6.69

1.23

7.83

26.50

2.13

1.67

2.06

3.50

1.62

5.22

1.45

6.21

1.58

7.10

1.17

8.26

27.00

1.91

1.95

1.93

3.86

1.52

5.62

1.37

6.63

1.51

7.51

1.11

8.69

27.50

1.70

2.24

1.80

4.23

1.42

6.02

1.30

7.05

1.43

7.93

1.05

9.12

28.00

1.52

2.56

1.68

4.61

1.34

6.43

1.23

7.47

1.37

8.36

1.00

9.56

28.50

1.36

2.90

1.57

4.99

1.25

6.84

1.16

7.90

1.30

8.79

0.95

10.00

29.00

1.22

3.26

1.46

5.38

1.17

7.26

1.09

8.32

1.24

9.22

0.90

10.45

29.50

1.09

3.63

1.36

5.78

1.10

7.68

1.02

8.75

1.19

9.65

0.86

10.89

30.00

0.98

4.01

1.26

6.18

1.03

8.11

0.96

9.18

1.13

10.09

0.82

11.34

-0.01
-0.01
-0.01
-0.01

0
0
0
0
0

30 December 2009

Czarnikow Group
Worldwide Office Network
NEW YORK
C. Czarnikow Sugar Inc
780 Third Avenue, 28th Floor
New York, NY 10017
USA
Tel: +1 (212) 269 4600
Fax: +1 (212) 269 0838

MEXICO
C. Czarnikow Sugar Mexico, S.A. de C.V.
Descartes 54 - 101 Floor 1st
Col. Nueva Anzures,
Deleg Miguel Hidalgo
C.P. 11590, Mexico D.F.
Tel: +52 (55) 5203 4041
Fax: +52 (55) 5203 4054

SAO PAULO
Czarnikow Corporate Services
Rua Dr. Cardoso de Mello, 900 / Conjunto 91
Vila Olmpia - SP
CEP - 04548-003
Brazil
Tel: +55 11 3376 0200
Fax: +55 11 3376 0206

LONDON
Czarnikow Group Limited
24 Chiswell Street
London
EC1Y 4SG
United Kingdom
Tel: +44 20 7972 6600
Fax: +44 20 7972 6699
DUBAI
Czarnikow Group Ltd (Dubai Branch)
Office 106, Al Jawhara Building
Khalid bin Al-Waleed Road
PO Box 26558
Dubai
United Arab Emirates
Tel: +971 (4) 355 4443
Fax: +971 (4) 351 8482
NAIROBI
C. Czarnikow Sugar (East Africa) Ltd
Third Floor, I & M Bank House
Second Ngong Avenue
P.O. Box 10797
00100 Nairobi
Kenya
Tel: +254 (20) 271 0312
Fax: +254 (20) 271 0315
GUANGZHOU
C. Czarnikow Sugar (Guangzhou) Co Ltd
Rm 17C 04 Yuexiu Neo-Metropolis
No. 238 Zhong Shan 6th Road
Guangzhou 510180
China
Tel: +86 (20) 8130 1016
Fax: +86 (20) 8130 1027

MOSCOW
Czarsugar Limited
57 Sadovnicheskaya Street
Moscow 113035
Russia
Tel: +7 (495) 258 7615
Fax: +7 (495) 258 7616

HONG KONG
C. Czarnikow Sugar Pte Ltd
Unit 1803 The Phoenix
21-25 Luard Road
Wanchai
Hong Kong
Tel: +852 2530 3883
Fax: +852 2530 9964

DELHI
C.Czarnikow Sugar (India) Private
Limited
JMD Regent Plaza, III Floor
M.G. Road
Gurgaon 122002
India
Tel: +91 124 430 1011
Fax: +91 124 430 1020

SINGAPORE
C. Czarnikow Sugar Pte Ltd
3 Phillip Street
14-01 Commerce Point
Singapore 048693
Tel: +65 6538 1854
Fax: +65 6538 1864

London Derivatives Desk: Alex Homer [44 20 7972 6652] Jon Whybrow [44 20 7972 6653]
So Paulo Derivatives Desk: Gustavo Schneider [55 11 3376 0211] Cristiano Benitez [55 11 3376 0208]
Singapore Derivatives Desk: Ethan Fu [65 6836 2603]

This report has been published by C. Czarnikow Sugar Futures Ltd., authorised and regulated by Financial Service Authority. The information herein has been obtained from sources which we
believe to be reliable, but we do not guarantee its accuracy or completeness or assume responsibility for any action taken with respect to the commodities referred to herein.
Czarnikow Group Ltd. and/or its affiliates may have positions in the commodities referred to herein and may effect transactions therein while this report is in circulation. This information has been
prepared for information purposes only, does not constitute an offer or commitment, and is not intended for the use of private customers, as defined by the rules of the Financial Services
Authority.
All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting or regulatory implications.